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South Bend Redevelopment Carrnnission <br />Regular Meoting - July 14, 1989 <br />6. NEW BUSINESS (Cont.) <br />f. cohtinued... <br />. Robinson read the tax abatement <br />petitioner proposes to renovate the <br />erty at 530 Niles Avenue. The <br />ovation will include roof repair, new <br />Itions, doors, floor covering and <br />. treatment, new electrical, plumbing <br />HVAC, parking lot surfacing and <br />Ing. Upon completion of the work the <br />ding will be leased to Orkin, Inc. <br />their five county sales and service <br />ce for pest control services. <br />R project will create three permanent <br />time jobs within the first year, <br />esenting an annual payroll of $36,000 <br />will maintain three full time and one <br />time jobs with an existing payroll <br />of $48,000. Total project cost is <br />estimated to be $30,000. Without <br />abatement, taxes on the improvements are <br />estimated to be $4,827. With abatement, <br />the estimated taxes would be $1,625. <br />n*efdre, the cost of the abatement <br />wcx�ld be approximately $3,202. <br />The property is properly zoned for the <br />prxposed use. The property is located in <br />an area designated as a Tax Abatement <br />Iiq)act Area by the South Bend C=wn <br />Council and is located in a Tax <br />Ir4remental Financing Allocation Area. <br />Th project qualifies for three years of <br />abatement. <br />Mr. Elliott explained that Valley <br />Dmrelcpment has a lease with Orkin for <br />the property. They will be moving from <br />their South Main Street location and <br />their business. <br />Piasecki asked if the renovation was <br />rior or exterior. Mr. Elliott <br />onded that both would be renovated. <br />building is basically a shell inside. <br />-15- <br />